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China and Pakistan plan to upgrade Gwadar Port, the economic corridor between China and Pakistan
China and Pakistan reached a new 'broad consensus' on strengthening strategic ties, including a plan to establish Gwadar port as a regional connectivity hub and further develop a joint economic route. The remarks were made in a joint press release as Pakistani Prime Minister Shehbaz Shaif concluded a trip to Beijing. Islamabad, at the time, is looking for investment and balancing tensions with Afghanistan while mediating the Iran-Iraq war. In a statement issued after Sharif's meeting with Chinese President Xi Jinping, Premier Li Qiang and others, they said that both sides "welcomed third?parties" to take part in the development the China-Pakistan Economic Corridor according to the agreed model. The two sides agreed to develop Pakistan's 'port of Gwadar' and improve road and port connections. They also agreed to promote a "high-quality development" of CPEC – a flagship of China's Belt and Road Initiative. The plans include a re-design of the Karakoram Highway and the Khunjerab Pass, which is the main land link between China and Pakistan. Pakistan has also pledged to take targeted measures to enhance security and cooperate to ensure the safety and investment of Chinese workers in Pakistan. This is a major concern for Beijing following repeated militant attacks against its nationals and their projects. DIPLOMATISATION REGIONALE China expressed its appreciation for Pakistan's efforts to ease the temporary U.S.Iran ceasefire, and hold talks at Islamabad. Both reiterated their support for the early adoption of a five point initiative to restore Middle East Peace, and offered to "make positive contributions" towards it. Pakistan reaffirmed its commitment to the one-China principle, calling the democratically-governed island of Taiwan, claimed by China, an "inalienable" ?part of China and saying it opposed any form of ?Taiwan independence. Taiwan rejects China’s claims and says that only Taiwan's people have the right to decide on its future. Pakistan welcomed China's efforts to?increase its dialogue with Afghanistan. Both countries oppose the use of territory by groups such as Tehreek-e Taliban Pakistan and Eastern Turkistan Islamic Movement to undermine regional security or launch an attack. Reporting by Ariba Shehid; Writing by Sakshi Daal; Editing and YP Rajesh & Clarence Fernandez
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Rubio: Iran deal may take days, as US launches new strikes
U.S. Secretary of State Marco Rubio stated on Tuesday that negotiating a peace deal with Iran would "take a few more days." This statement quashed hopes for a quick resolution to the conflict, a day after U.S. troops conducted defensive strikes in southern Iran. Rubio, in describing?the strikes on targets such as boats trying to?lay?mines and missile launchers, said that the Strait of Hormuz had to be?open "one way or another." Rubio, speaking to reporters aboard his flight in India's Jaipur, said: "The straits must be opened, they will be open either way, so they have to open." In a Monday statement, the U.S. Central Command announced that despite a ceasefire being in place since April 1, it had conducted new strikes "to protect our soldiers from threats posed to them by Iranian forces." Iranian news agencies reported that Iran had on Monday downed a stealth drone it considered "hostile", without revealing where it came from. An official who was briefed about the visit stated that the U.S. attacks occurred while Iran's foreign minister and top negotiator were in Doha to meet with Qatar's premier on a possible deal with the U.S. Rubio said to reporters in New Delhi that the U.S. will give diplomacy a chance before considering whether or not to deal with Iran "another" way. He said that there was "a pretty solid thing on table," referring both to the talks about reopening of the strait, and "a very real, significant, limited-time negotiation on the nucleus matter." Donald Trump, the U.S. president, said in a long post on Truth Social that talks with Iran are going "nicely" but warned against new attacks if these failed. He wrote that "it will only be a Great Deal or No Deal at All" if the talks with Iran fail. Benjamin Netanyahu, Israeli prime minister, said that Israel will intensify its strikes against Iran-backed Hezbollah in Lebanon. Israel's military announced shortly thereafter that it had attacked Hezbollah's infrastructure in Lebanon's eastern Bekaa Valley, as well as other areas. Israel and Lebanon reached a ceasefire agreement in mid-April. However, Israel continues to carry out airstrikes against Hezbollah which it claims are self-defence. DOHA TALKS According to the official who briefed the Iranians on their Doha visit, the main focus of the talks was the Strait of Hormuz as well as Iran's stockpile of highly-enriched uranium. The central bank governor of Iran also attended the meeting in order to discuss possible release of Iranian funds that were frozen under a final agreement. Esmaeil baghaei, spokesperson for the Iranian Foreign Ministry, said that negotiations on nuclear issues will only begin after an agreement has been reached. Trump said that his main goal in the war was to stop Iran from developing nuclear weapons with its highly-enriched uranium. Tehran has denied that it has such plans. Baghaei stated that the possible Iran deal did not contain any specific details regarding the management of the 'Strait of Hormuz', which is the main route through which a fifth of all oil and gas liquefied in the world flows. Iran will not charge ships a toll to pass through, but there will be a fee for certain services, such as navigation, and environmental protection, according to a protocol that must be agreed upon with Oman on the other side of the waterway. Nikkei, a Japanese newspaper, cited a Middle East diplomatic source to report that the U.S. was discussing with Iran a plan to reopen the Strait of Hormuz about 30 days after a ceasefire agreement. Since U.S. and Israel began their strikes against Iran on February 28th,?only a handful of vessels have passed through the Strait of Hormuz as opposed to 125-140 vessels daily before. The standoff has caused an increase in fuel prices, boosted the cost of fertilisers and pushed up food costs. Early Asian trade on Monday showed U.S. West Texas Intermediate oil up slightly from the last traded price of Monday, but down 5.5% since Friday's closing. Reporting by Bureaus; Additional reporting by Akanksha Khaushi, Doina Chiu, Ariba Shhid, Hatem Máter, Andrew Mills; Elwely Elwelly; Michael Martina; and Parisa Hafezi. Writing and editing by Jan Wolfe, Stephen Coates, and Lincoln Feast.
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Atlas Arteria's independent expert believes IFM Global's proposal is not fair or reasonable
Atlas Arteria, a toll road operator in Australia, said that its independent expert confirmed the earlier rejection by the company of 'IFM Global Infrastructure Fund's' proposal 'to purchase 'the tollroad operator' at a valuation A$6.89billion ($4.94billion). The report of the independent expert concluded that the IFM offer was neither reasonable nor fair, just days after Atlas Arteria had rejected it. Atlas Arteria described the IFM offer as opportunistic, and a material undervaluation of the company. The independent expert stated that the valuation of the company is A$5.39 - A$6.20 a?security. This is much higher than the A$4.75. The company added that the price would be even higher if it was raised to A$5.10. In late April, the?IFM Global Infrastructure Fund offered to purchase all of its shares in Atlas Arteria through its investment unit?Diamond Infraco 1, at A$4.75 each. It also stated that it would increase the 'offer price' to A$5.10 if a 45% stake or more was secured before the offer ended.
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Karsan, a self-driving Turkish bus, has made its debut in Sweden
The public transport organizer said that a self-driving?bus made by Turkey's Karsan, was hit?from behind?by a tram in Gothenburg, Sweden?on Monday, only?anhour after it started carrying paying passengers. "The bus braked, and the?tram hit it," said Patrik chi, a spokesperson for Vasttrafik. Vasttrafik is a company owned by a regional authority that oversees public transport. Chi says that the collision caused no injuries. It raises 'questions' about the integration of 'autonomous vehicles? in urban traffic, at a time when Gothenburg is launching a yearlong trial of autonomous public transportation using Karsan’s eATAK bus. Karsan didn't immediately reply to a comment request. On the website of public broadcaster SVT, footage showed a bus with?damage and a 'banner' on its rear that read:?Keep distance! The bus could brake suddenly." Chi said that the circumstances surrounding the collision were still under investigation. He added that there was "a safety driver" on board the bus who is prepared to take over if necessary. Reporting by Jesus Calero Editing Bernadettebaum
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Officials confirm that the bombing of a Pakistani train killed more than 30 people
Officials?said Monday that more than 30 people were killed in a suicide attack on a train on Sunday in southwest Pakistan. This was the latest attack by separatist Balochistan militants. On Monday, two provincial officials who spoke 'under condition of anonymity because they were not authorised to divulge the information' said that the death toll was now over 30. On Sunday, a suicide car bomber who rammed a train with explosives killed at least 24 people. A car bomb exploded in Quetta, the provincial capital. It was aimed at a shuttle train carrying Pakistani security officers and their families. The Pakistani government and military have not yet released a death toll from the attack. This was the latest of a series of attacks on security forces, infrastructure, and trains. The Baloch Liberation Army claimed responsibility for the attack, describing it as "a suicide bombing". Could not independently verify this claim. Separatists have been fighting over the past decade for the exploitation and appropriation of mineral resources in this province. They claim that the local people are denied their fair share. Balochistan is a region bordering Iran and Afghanistan that hosts Chinese projects for development and the deep sea port of Gwadar. Another official confirmed that the train carried passengers from Quetta’s army cantonment to connect with?Jaffar Express on their way to their hometowns to celebrate Eid al-Adha. Pakistan's Railways Ministry said that the explosion blew up two coaches and a locomotive, while three other coaches were also blown over. Images of the scene show twisted metal, debris, and burned-out vehicles near the rail track. Smoke and fire still rise from the wreckage. BLA militants hijacked a Jaffar Express carrying army soldiers in March of last year. They took hundreds as hostages before a day-long standoff was ended by armed forces. The military operation resulted in 21 hostages being killed, along with four troops and 33 attackers. Pakistani forces claimed earlier this year that they had killed 145 militants in a coordinated attack across the province which resulted in the deaths of nearly 50 people. Saleem Ahmad in Quetta, Asif Shahzad and Alexander Smith edited the article.
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INDIA RUPEE - Oil slump and central bank support manifested in rupee's 3-day winning streak
The Indian rupee gained strength for the 'third consecutive session' on Monday. This is its longest winning streak in a month. It was fueled by central bank interventions and a fall in crude oil prices, on the hope of a U.S. - Iran peace deal. The rupee closed Wednesday at 95.23 dollars, an increase of over 1.5% from the previous day when it hit a new record low. The Reserve Bank of India sold dollars to help the rupee recover from its record-low last week. Optimism?over the potential breakthrough in negotiations between Washington, D.C. and Tehran bolstered the currency even further on Monday. Four traders reported that they saw state-run banks offering dollars on the day. A trader from a Mumbai-based bank said that the activity was likely meant as a warning against speculative interests in the rupee. In a recent media interview, RBI Governor Sanjay Malhotra stated that following its recent depreciation the rupee is now 'undervalued. Malhotra, the RBI's deputy governor, said that there is no specific target level for the currency. However, he did stress that the central banks stands ready to act if speculative forces increase. Separately on Monday, Indian Finance minister Nirmala Sitharaman called on the country to concentrate on fuel, fertiliser, and foreign currency, highlighting Prime Minister Narendra Modi’s call to conserve foreign currency amid the Iran War. OIL RELIEF Brent crude oil futures dropped?over 5 percent to $97.8 a barrel while Asian currencies gained and stocks rose?as a result of the prospect?of an agreement to end the Iran War. The spokesperson for Iran's Foreign Ministry said that conclusions had been reached regarding?many of the topics discussed during a possible memorandum-of-understanding with?the U.S. but that this did not mean Tehran is close to signing an accord. Amit Pabari is the managing director of FX advisory firm CR Forex. He said that if crude oil prices are 'contained' and global risk sentiment improves, the rupee could gradually increase towards the 94.80 to 94.50 range in the short term.
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ADB provides $5 billion to Bangladesh in response to economic pressures
Asian Development Bank will support Bangladesh with $5 billion over the next 5 years, said the lender on Monday. The country is facing a'mounting economic strain due to 'global conflicts and domestic financial -challenges. The funding announced by ADB president Masato KANDA during his visit to Dhaka will support the Integrated Growth Network Development Initiative. This initiative aims to improve connectivity, boost investment, and promote a more balanced regional growth. Kanda met with Prime Minister Tarique Rahman, senior officials and other government officials to discuss Bangladesh’s development priorities. The announcement comes at a time when Bangladesh's import dependent economy is grappling with the fallout of?the U.S. and Israeli war on Iran. This has pushed prices for fuel, liquefied gas, fertiliser, and?shipping up. The inflation rate remains high, and the banking sector continues to face a liquidity crisis. Kanda, a Manila-based ADB official, said that "Bangladesh has entered a new critical phase." The ADB will assist the country in protecting stability, unlocking new sources of economic growth, and building a more resilient and diversified economy. The package, which will provide around $1 billion per year, will be integrated in the ADB's sovereign finance programme for Bangladesh. The ADB signed agreements during the visit for approximately $1.4 billion worth of loans under its 2026 commitment program, which covers energy, transport, climate resilient?and social?development?projects. The United States also increased its support to Bangladesh by $250 million in order to address the financing gap caused by global commodity pressures and Middle East crises. ADB plans to raise ?its annual sovereign commitments to Bangladesh by 20%, from roughly $2 billion to $2.4 billion, to support investment-led ?growth, economic diversification, governance reforms and ?the country's transition from least-developed-country ?status. The lender stated that it works with the authorities to attract private investments by strengthening capital markets and preparing bankable project. (Reporting and editing by Thomas Derpinghaus; Ruma Paul)
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Rubio: US will find "another way" if Iran negotiations fail
Marco Rubio, Secretary of State at the Department of State, said that the United States would either reach a fair agreement with Iran or find "another solution" to the conflict. Washington was downplaying hopes for a breakthrough in the war which has been raging for three months. Rubio said to reporters in New Delhi the U.S. will give diplomacy "every chance" to succeed before looking at "alternatives", following President Donald Trump's statement?on Sunday? that he had instructed his representatives to not rush into any Iran agreement. Rubio stated that there was "a pretty solid thing on their table" in terms of opening up the strait. Trump had written on Truth Social a day earlier that the U.S. Blockade of Iranian Ships in the Strait of Hormuz "would remain in full force until an agreement was reached, certified and signed". He said, "Both parties must take time to get it right." The Iranian government did not respond immediately. The Tasnim news agency, which is linked to Iran's Revolutionary Guards said that the U.S. still blocked parts of the potential deal. This included Tehran's request for the release frozen funds. On Monday, oil prices dropped 6% and reached a two-week low as optimism grew about the United States and Iran moving closer to a deal. Trump raised hopes of a deal imminent on Saturday, when he stated that Washington and Tehran have "largely negotiated", a memorandum of agreement on a peace accord?that will reopen Strait of Hormuz. The critical waterway carried about a fifth (of all global oil and LNG shipments) before the conflict. Both sides are at odds over a number of difficult issues. These include Iran's nuclear ambitions and Israel's war with the Iranian-backed Hezbollah in Lebanon. Also, Tehran is demanding the lifting of the sanctions and the release tens and tens billions of dollars in Iranian oil revenue that has been frozen in foreign bank accounts. Sticking Points Senior?Trump Administration official described the latest 'contours' of the issues that are being negotiated. The official, who spoke on condition of anonymity said that Iran had agreed in principle to open the Strait of Hormuz as a trade for the United States lifting their naval blockade and for Tehran to dispose of its highly enriched nuclear material. He said that the U.S. believed Ayatollah Mojtaba Khamenei, Iran's Supreme leader Ayatollah Mojtaba Khamenei, had approved the general template of the agreement. Iran did not confirm the agreement or elaborate on its "in principle". According to the official, Washington envisaged first reopening the Strait and lifting its naval blockade. The details of the nuclear measure would require more time to negotiate. The official denied that Iran was unwilling to dispose of its enriched uranium stockpile. The official said, "It is a question of how." On Sunday, a second senior official in the administration said that the proposed framework would allow negotiators to have 60 days to come up with a final agreement. Iranian sources have said that "feasible solutions" can be found in the future to solve the dispute regarding its highly enriched stockpile of uranium, including diluting it under the supervision and control of the U.N. nuclear watchdog. Iran has denied U.S. accusations and Israeli allegations that it is developing nuclear weapons. It says it has the right to enrich uranium?for civilian purposes?, even though it's purity far exceeds what is needed for electricity generation. Trump has been hyping the possibility of an agreement to end the conflict that began on February 28, when the U.S. & Israel started the conflict. He has also faced attempts by Congress to limit his war powers. Since early April, a tenuous ceasefire is in place. The President reacted to critics who criticized his handling of the negotiations and his willingness for compromise with Iran. "If I reach a deal with Iran it will be good and right." Don't listen the losers who criticize something they don't know about," Trump wrote on Sunday. A deal that reinforces the fragile ceasefire will bring relief to the markets, but not defuse an energy crisis which has pushed up fuel, fertiliser, and food prices. Early April, the U.S. and Israeli bombing of Iran was suspended. Israel also has killed thousands of people and forced hundreds of thousands to leave their homes in Lebanon. It invaded the country in pursuit of Hezbollah militants. Iranian attacks on Israel and the Gulf States have killed dozens. (Reporting and editing by Clarence Fernandez; Additional reporting and writing by Helen Coster, Stephen Coates, Doina Chiu, Ariba Shhid, Hatem Mater, Andrew Mills and Elwely Elwelly; Reporting by Bureaus; Writing and editing by Helen Coster, Stephen Coates and Parisa Hafezi)
Source: India is preparing an interim report, not a final one, as the anniversary of the Air India crash approaches.
Indian officials investigating the deadly Air India crash last year are not preparing a final report but rather an interim one in anticipation of the anniversary date of the 'Boeing accident which killed 260 people.
A person who spoke to the media said that the interim report of India's Aircraft Accident Investigation Bureau (AAIB) would be "more comprehensive than the preliminary report released last July" and examine possible primary cause and other contributing factors.
The preliminary report of 15 pages into the aviation industry’s deadliest accident in the last decade revealed that the Dreamliner’s engine fuel switches were flipped almost at the same time, starving the engines of fuel soon after the flight took off from Ahmedabad on June 12, 2025.
According to an early assessment by U.S. officials reported last year, a cockpit recording of the dialogue between the pilots supports the belief that the captain stopped the fuel flow to the plane's engine. At the time, the?AAIB stated that it was "too soon to draw any conclusions".
The Indian authorities are not required to inform the United States of their findings in advance by releasing an interim report. National Transportation Safety Board, which is taking part in the investigation due to the fact that the aircraft was manufactured and designed in the United States. The NTSB could comment on the final report. This would also give closure to the families of crash victims.
The final report won't be ready for the anniversary of the crash because "it's a complex investigation that takes time," said the individual. They added the interim report needed to be presented to the government authorities and the timing of the final report was still unclear.
Another source who was familiar with the situation said that investigators are still working on this investigation and need more time. Both sources spoke under condition of anonymity, as the internal workings of the investigation were private.
Internationally, the final report must be submitted within one year after an accident. However, investigations can take a long time. If this is not possible, then an interim statement is required to be released on each anniversary.
AAIB, the Indian civil aviation ministry, and Air India have not responded to requests for comment via email. AAIB Chief GVG Yugandhar did not return calls or messages seeking comments.
Consultation Process
International Civil Aviation Organization, an agency of the United Nations, sets up a process for consultation with states participating in draft final reports. The usual comment period is 30 days, but can be extended to 60. The same process is not applicable to interim statements.
The U.S. -NTSB and the Montreal based ICAO, who are supporting the investigation, have declined to comment. Boeing, which serves as a technical advisor to the investigation and is seeking comment from the AAIB, declined to make any comments.
Ethiopian investigators in the March 2019 crash of an Ethiopian Airlines 737 MAX issued a detailed interim investigation report within a month, but the 'final report' was not released until December 2022, even though the NTSB received a draft version as early as January 2021. The NTSB released a public criticism of certain aspects?of the Ethiopian Report.
LONDON FUEL SHIFT INCIDENT
Preparations for an interim Air India statement are being made in parallel with a separate investigation into fuel switches reported by pilots on a flight of the Air India Dreamliner from London to Bengaluru, February last year.
The?pilots in that incident observed that during the engine start, the fuel switches were not fixed in the "run position" on the first two tries when light vertical pressure was applied. However, they were stable on the third attempt before takeoff. The incident was reported when they landed in India.
Indian aviation officials, from the Directorate General of Civil Aviation, (DGCA), will travel to Seattle in June to observe Boeing's testing of the switches. Indian officials described the switches as "sensitive" via confidential emails.
The switch, which was at the heart of the crash investigation last year, has been brought back into the spotlight. The first person who spoke to me said that some investigators in the Air India crash investigation were unaware of the DGCA Seattle visit.
Boeing said that it "supports" Air India, and UK authorities are still investigating the incident.
The DGCA has not responded to a comment request. Reporting by Abhijith Gaapavaram, New Delhi; Allison Lampert, Montreal; editing by Aditya K.alra and Jamie Freed
(source: Reuters)